Cat reports record sales, revenue

Caterpillar Inc. has announced record 2012 sales and revenues of $65.8 billion, an increase of 10 percent from $60.1 billion in 2011. Profit per share of $8.48 was also an all-time record.

The 2012 profit per share of $8.48 was up 15 percent from $7.40 in 2011.

Profit was $5.6 billion, an increase of 15 percent from $4.9 billion in 2011.

Fourth-quarter 2012 sales and revenues were $16.1 billion, down $1.1 billion from $17.2 billion in the fourth quarter of 2011.

Fourth-quarter 2012 profit was $697 million compared with $1.5 billion in the fourth quarter of

2011. Profit was $1.04 per share in the fourth quarter of 2012 compared with profit per share of $2.32 in the fourth quarter of 2011.

The company stated that its fourth-quarter profit was negatively impacted by a charge of $580 million, or $0.87 per share, to cover an accounting error for a Chinese firm acquired by Caterpillar last year.

Lower sales and revenues and the cost impact from sharply lower production and the $2 billion decline in Caterpillar inventory also had a negative impact on fourth-quarter profit, according to the company statement.